Since I have the MCSD certification, I guess I'm biased, but I think it's the best. It has certainly been a great thing for me. I am currently a free agent programmer and trainer. And things are going great. With Microsoft's announcements of the new .Net tracks, the MCSD certification won't be retired, and I believe will be viable for quite some time.
I think what Microsoft did with splitting the certification into two part, MCAD (Application Developer) and the complete MCSD for .Net allows greater flexibility for getting certified in the area of your specialization.
I had hoped for a Software Engineer or Architect certification, which I would have loved, but alas, we did not get. :-)
Go for it!! I encourage you all I can!
Bob Whitehead, MCSD, MCT